Morning Report

The dollar versus yen continues on moving within a narrow range, while the resistance level for the descending short term channel is declining towards 89.50. Momentum indicators are currently neutral, where we await for today a bearish intraday direction; targeting 88.50 then 87.75. A break of 89.15 will help the bearish trend gain speed.

The trading range for today is among the key support at 87.75 and the key resistance at 90.45.

The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 89.50 target 88.50 and stop loss above 90.45, might be appropriate.